INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That Securities Class Action Lawsuits Have Been Filed on Behalf of Investors in Höegh LNG Partners LP (HMLP), Lightspeed Commerce Inc. (LSPD), and ON24, Inc. (ONTF) and Encourages Investors to Contact the Firm
NEW YORK, Dec. 15, 2021 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors that securities class action lawsuits have been filed on behalf of investors in securities of Höegh LNG Partners LP, Lightspeed Commerce Inc., and ON24, Inc. Investors have until the deadlines below to apply to the Court to be appointed as lead plaintiff in the lawsuits. Additional information about each case can be found at the links provided below.
Höegh LNG Partners LP (“Höegh” or the “Company”) (NYSE: HMLP)
Class Period: August 22, 2019 to July 27, 2021
Pending Court: U.S. District Court for the District of New Jersey
Lead Plaintiff Deadline: December 27, 2021
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) Höegh was facing issues with the PGN FSRU Lampung charter; (2) as a result, the PGN FSRU Lampung charterer would state that it would commence arbitration to declare the charter null and void, and/or to terminate the charter, and/or seek damages; (3) Höegh would need to find alternative refinancing for its PGN FSRU Lampung credit facility; (4) the PGN FSRU Lampung credit facility matured in September 2021, not October 2021 as previously stated; (5) Höegh would be forced to accept less favorable refinancing terms with regards to the PGN FSRU Lampung credit facility; (6) Höegh LNG would not extend the revolving credit line to Höegh past its maturation date; (7) Höegh LNG would reveal that it “will have very limited capacity to extend any additional advances to Höegh beyond what is currently drawn under the facility”; (8) as a result of the foregoing Höegh would essentially end distributions to common units holders; (9) the COVID-19 pandemic was not the sole or root cause of the Höegh’s issues in Indonesia, in 2019, before the pandemic, there were already a very low amount of demand in Indonesia for Höegh’s gas; (10) the auditing, tax, nor maintenance of PGN FSRU Lampung were not the sole or root cause(s) of Höegh’s issues in Indonesia; and (11) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For additional information on the Höegh lawsuit please visit this website.
Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD)
Class Period: September 11, 2020 to November 3, 2021
Pending Court: U.S. District Court for the Eastern District of New York
Lead Plaintiff Deadline: January 18, 2022
The lawsuits allege throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that the Company: (i) overstated its pre-IPO business metrics and financial prospects by overstating its true customer count by 85%; (ii) overstated its pre-IPO business metrics and financial prospects by overstating its true gross transaction volume– a payment volume metric that a former employee describes as “smoke and mirrors” – by 10%; (iii) overstated its business metrics and financial prospects by concealing declining organic growth and ongoing business deterioration; (iv) overstated its business metrics and financial prospects by claiming that its Average Revenue Per User was increasing; (v) had undertaken an acquisition spree at escalating costs with no clear path to profitability, while its management pursued aggressive revenue reporting practices; and (vi) had been operating the Company with defective internal controls and ineffective oversight of its accounting practices by its outside audit firm.
For additional information on the Lightspeed lawsuits please visit this website.
ON24, Inc. (“ON24” or the “Company”) (NYSE: ONTF)
Class Period: January 31, 2021 to November 3, 2021
Pending Court: U.S. District Court for the Northern District of California
Lead Plaintiff Deadline: January 3, 2022
The lawsuits allege that the representations made in the Registration Statement used to effectuate the Company’s IPO were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the surge in COVID-19 customers observed in the lead up to the IPO consisted of a significant number that did not fit ON24’s traditional customer profile, and, as a result, were significantly less likely to renew their contracts. After the IPO, as the true facts emerged, the value of the Company’s shares declined sharply.
For additional information on the ON24 lawsuits please visit this website.
About Kirby McInerney LLP:
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
(212) 371-6600
[email protected]
www.kmllp.com
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